Latest news with #HarizahHanimMohamed
Barnama
29-05-2025
- Business
- Barnama
Maritime Chain Crucial To ASEAN-GCC-China Economic Ties
By Harizah Hanim Mohamed KUALA LUMPUR, May 25 (Bernama) – A maritime value chain that facilitates shipping connectivity and secures sea lanes, along with the ability to counter disruptions, is vital for ASEAN, the Gulf Cooperation Council (GCC) countries and China in their quest to consolidate tripartite economic cooperation and integration. 'Comprehensive maritime connectivity is crucial in ASEAN, Asia and the Gulf where 90 per cent of regional trade relies on shipping,' said Ang Chip Hup, former national consultant for the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). Besides this, over 60 per cent of global maritime trade passes through ASEAN waters including the Strait of Malacca and the South China Sea, making shipping and port infrastructure vital for economic growth. He cited how there were better opportunities for maritime connectivity by expanding into these regions through an enhanced ASEAN Single Shipping Network. 'Such a move was possible by increasing feeder ports from China to the Gulf via ASEAN, thereby reducing congestion at major hubs,' he told Bernama ahead of the 46th ASEAN Summit, ASEAN-GCC Summit and the ASEAN-GCC-China Summit here on May 26 to May 27, 2025. Malaysia, as this year's rotating Chair of ASEAN, is hosting the inaugural trilateral summit with the GCC, China, and Southeast Asian nations under the Chairmanship theme of 'Inclusivity and Sustainability.' Amid disruptions to trade precipitated by debilitating tariffs imposed by US President Donald Trump on 168 countries, including some of the highest tariffs on some ASEAN countries and China, countries are looking to deepen integration to be self-reliant trade-wise. Ang said that economies should also look into expanding Port Community Systems (PCS) for real-time cargo tracking and emphasise on green and efficient shipping.
Barnama
27-05-2025
- Business
- Barnama
ASEAN Leaders Share Desire To Fully Tap Opportunities, Ensure Benefits Reach Ordinary Citizens -- PM Anwar
GENERAL By Harizah Hanim Mohamed KUALA LUMPUR, May 27 (Bernama) – Southeast Asian economies have expressed a shared desire to unlock the region's economic potential by leaving no stone left unturned in tapping to the fullest the opportunities in both intra and external trade. Prime Minister Datuk Seri Anwar Ibrahim said that the benefits from increased trade must accrue to all ASEAN citizens. Declaring that ASEAN means business, Anwar said efforts will be galvanised by its 10-member economies to form linkages with themselves and the world at large – including regions like the European Union and oil-rich Middle East countries. 'Whether it's through Free Trade Agreements (FTAs) with the Gulf Cooperation Council (GCC) countries and the European Union (EU), or in strengthening economic and intra-ASEAN trade, everyone (ASEAN leaders) agrees that more needs to be done and in more concrete terms.' Anwar, who is also Finance Minister, said this at a press conference at the end of the ASEAN-GCC Summit and the ASEAN-GCC-China Summit, held at the Kuala Lumpur Convention Centre (KLCC) here, today. The region's joint economic potential was relatively large as ASEAN's total trade improved significantly to US$3.8 trillion in 2024 from US$2.3 trillion in 2015, but intra-ASEAN trade only increased to US$0.8 trillion from US$0.5 trillion during the period. Earlier today at discussions during the summit, Anwar said ASEAN plans to launch FTA talks with GCC countries comprising Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait and Oman. Anwar added that ASEAN is also moving forward with regional frameworks like Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA) and Indonesia Malaysia-Thailand Growth Triangle (IMT-GT), and these discussions are no longer just about making broad pronouncements but definitive projects.
Barnama
27-05-2025
- Business
- Barnama
ASEAN, GCC To Begin FTA Talks
GENERAL By Harizah Hanim Mohamed KUALA LUMPUR, May 27 (Bernama) -- Prime Minister and ASEAN 2025 Chair, Datuk Seri Anwar Ibrahim, announced today that the 10-member bloc plans to launch free trade agreement (FTA) negotiations with the oil-rich Gulf Cooperation Council (GCC) countries. He said both ASEAN and the GCC had engaged through a series of sessions and discussions at the 2nd ASEAN-GCC Summit at the Kuala Lumpur Convention Centre. '(We had) the first meeting two years ago in Riyadh, Saudi Arabia, which was more of a formality to introduce the programme, and we went through some specific areas of collaboration,' he said at the press conference at the end of the ASEAN-GCC Summit and the ASEAN-GCC-China Summit at the Kuala Lumpur Convention Centre (KLCC) today. Earlier, Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah said the GCC is now ASEAN's seventh-largest trading partner, with total trade reaching US$130.7 billion (US$1 = RM4.23) in 2023. 'We aim to increase this figure to US$180 billion by 2032, as there remains substantial untapped potential in bilateral trade and investment,' he said. The Crown Prince, who also presides over the current session of the GCC Supreme Council, delivered his remarks at the 2nd ASEAN-GCC Summit. He also noted a rise in foreign investment into Asian markets, calling it a sign of investor confidence and long-term economic integration. Separately, Malaysia on Monday signed a joint statement to begin talks on a Malaysia-GCC Free Trade Agreement (MGFTA).
Barnama
25-05-2025
- Business
- Barnama
Fadillah:: Intra-ASEAN Trade Key To Boosting Palm Oil Demand Amid Global Challenges
From Harizah Hanim Mohamed & Aisha Hani Nor Azmir KUALA LUMPUR, May 25 (Bernama) — Robust intra-ASEAN economic activity vital to stimulate demand for palm oil products amid stricter private regulations, tariff uncertainties and other global economic challenges, said Deputy Prime Minister and Minister of Plantation and Commodities Datuk Seri Fadillah Yusof. He said that by focusing on intra-ASEAN cooperation and trade, more economic activities across member states both downstream and upstream sector can be stimulated, particularly in ensuring a resilient and self-sustaining growth engine. 'Malaysia and Indonesia are the biggest states in the palm oil production… with all the restrictions from the world, including introduction of the European Union Deforestation Regulation (EUDR), there is a restriction for us to export our products to the overseas markets. 'If we can focus on ASEAN, then we create more activities between the ASEAN member states, so that it will be enough to sustain our economic activities and benefit entire ASEAN population,' he said at the Luncheon Power Talk Shared Prosperity: The New Imperative for ASEAN's Economic Growth at the ASEAN Women Economic Summit 2025 (AWES 2025) held at a hotel (Shangri-La) here today. Fadillah also called for a more harmonising standards among ASEAN member countries through minimising the non-tariff barriers, strengthen the supply chains and open up to all the member states the benefit of the quality growth. 'Strengthening ASEAN is not just strategic, it is necessary to safeguard our shared prosperity and deliver tangible benefits to the entire ASEAN population,' he said, adding that regional trade, investment, and connectivity must be enhanced to build a more resilient and competitive single market. Citing an example of active cross-border trade, Fadillah said active cross-trade activities can be seen among Thailand, Malaysia, and Indonesia. 'Such efforts should be facilitated to ensure greater cross-border trade is created for the benefit of ASEAN citizens,' he added.
Barnama
14-05-2025
- Business
- Barnama
Ringgit Opens Higher Vs US Dollar, Market Sentiment Improves
By Harizah Hanim Mohamed and Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, May 13 (Bernama) -- The ringgit opened slightly higher against the US dollar today, supported by positive sentiment from the United States (US)-China diplomatic negotiations on the US tariff, an analyst said. At 8 am, the local note inched up to 4.2950/3170 versus the greenback against Friday's close of 4.2970/3005. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) climbed more than one per cent to 101.788 points as the US-China trade tension eases. "The benchmark equities were higher while yields on the US Treasury rose as the risk-on mode became prevalent. "On that note, the ringgit would see range-bound trade as US-China trade deals suggest the tariff shocks could be better managed via diplomatic negotiations in the months to come," he told Bernama today. He also noted that the 90-day pause agreed by the US and China to slash tariffs on each other's goods would result in a better outcome for many countries, including Malaysia. It was reported that the US and China have agreed to lower tariffs on each other's goods for the next 90 days, signalling a potential easing of tensions in their ongoing trade war. As part of the agreement reached during negotiations in Geneva over the weekend, the US will reduce its additional tariff on Chinese products from 145 per cent to 30 per cent, while China will lower its tariff on American imports from 125 per cent to 10 per cent.
